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North West Leicestershire District Council

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Low cost home ownership

Home » Residents » Housing » Need a home? » Buying a home » Low cost home ownership

There are several options for people looking to purchase their own home.  Whatever your circumstances there may be something for you.

  • Low Cost Home Ownership or Shared Ownership
  • Help to Buy
  • Discounted Open Market Housing
  • Developers own equity schemes
  • Community Right to Build

Low cost home ownership or shared ownership

Shared ownership is where new properties are developed and sold on a part-buy/ part-rent basis.

Applicants can buy a percentage share in the property, depending on what they can afford. They then pay rent on the remaining share.

Shared owners have the option to buy more shares in the property as and when they are able to afford to - and even buy 100% of the property at some point in the future (except on 'rural exception' sites).

The housing association also has an option to buy back and resell from a 25% share to make sure they always remain affordable.

It is also possible to purchase properties that have already been bought through shared ownership in the past, where the owners are now looking to sell their share and move on.

Help to Buy Midlands can provide you with help to purchase your own home in Derbyshire, Leicestershire, Nottinghamshire, Northamptonshire, Lincolnshire and Rutland - through Government sponsored low cost home ownership schemes.

hello homes offers various schemes for low-cost home ownership. The schemes are designed to help people in different situations find affordable ways to get onto the property ladder.  The firm builds around 150 new homes a year throughout the East Midlands and  have helped hundreds of people move into their own home.  Whatever your circumstances their sales advisors are available to help. 

Discounted open market housing

On some housing developments, we with the house builder to provide new homes at a discounted price, usually between 50% and 80% of full market value.

The properties can only be sold to people who cannot afford to purchase on the open market - but who also have a connection to the area (for example they already live or work there).

This is different to Shared Ownership in that there is no rent to be paid on the remaining £50,000 equity. When the property is sold it can only ever be advertised and sold on at 50% of the new value.

There are a number of these properties within the District and if the owners are looking to sell they will be advertised either privately or through estate agents. If you are interested in this type of property you should make enquiries with the local estate agents.

Developers own equity schemes

Many private housing developers have their own equity loan schemes.

In general you pay between 70% and 85% of the value of the property, and the rest is covered by an equity loan. There’s often nothing to pay for this loan, but you are expected to buy the remaining equity within 10 years.

If there's a new development going up in your area it’s always worth asking about an equity loan scheme at the sales office.

Help to Buy

The Government has created the Help to Buy scheme to help people take steps to buy your own home.

Whether you want to get onto the housing ladder or move up it, Help to Buy makes it possible to buy a new-build or existing home with as little as a 5% deposit. 

Find out more. 

Community Right to Build

This is a new way for communities to deliver the development they want – be it homes, shops, businesses or facilities – where the benefits of the development will be retained for the community.

For further information about the Community Right to Build please visit the Department for Communities and Local Government’s website

Related Links (3)

  • Help to Buy Midlands
  • Hello Homes
  • Lend a hand mortages more information

Last updated: Mon 11 September, 2017 @ 09:59

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Contact

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Customer Services Hotline

01530 454545

North West Leicestershire District Council, PO Box 11051, Coalville, Leicestershire, LE67 0FW

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Contact us

Address:
North West Leicestershire District Council
PO Box 11051
Coalville
LE67 0FW
Telephone:
01530 454545
Email:
customer.services@nwleicestershire.gov.uk
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